USDA report day

Marketline December 9, 2011 USDA updates supply and demand reports this morning including for wheat. Traders think U.S. wheat ending stocks might go up a little. Ahead of the report Thursday wheat futures were lower. Jack Scoville of Price Futures Group at the CME says some export news was bearish.

Scoville: "The wheat market was in trouble all day. Sales to Iraq of 400-thousand tons of wheat didn’t include any from the U.S. so that was considered pretty negative. The outside markets offered little support to grains."

U.S. weekly export sales came in under trade expectations.

On Thursday March Chicago wheat was down 3 ½ cents at 5-97. March corn up 7 ½ cents at 6 00 1/4. Portland cash white wheat and club wheat steady to a nickel higher at 5-94. HRW 11.5 percent protein down two cents at 7-12. Dark northern spring 14% protein down two cents at 9-61.

Cattle futures were mixed Thursday. There was not activity yet in the cash fed cattle trade and outside markets provided pressure. Beef export sales came in above the four week average and are running 28.4 percent ahead of last year’s pace. Feb live cattle down 17 cents at 119-60. Jan feeders down 25 at 142-47. Jan Class III milk up three cents at 17-25.

I’m Bob Hoff and that’s Marketline on Northwest Aginfo Net. Now this.